Renovated Two-Unit
For Sale
$335,000
3609 E 42nd St, Minneapolis, MN 55406
Updated two-level property with separate entrances, in-unit laundry, and flexible month-to-month occupancy upstairs.
Property Size1,335 SF
Price / SF$250.94
Days on Market110
Property Features for 3609 E 42nd St
General Information
Standard status
Active
Size
1,335 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
air conditioning
smart locks
blackout bedroom blinds
Building Details
Year Built
1900
Year Renovated
2025
Buildings
1
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Hannah Dahlstrom
(612) 821-7400
Source:
Homesminn
Added: Jul 2
Changed: Oct 6
Last Checked: Oct 7 at 3:25PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Integrity Lakes
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Investment Insights
Based on property information with market context.
Located at 3609 E 42nd St in Minneapolis, this 1,335-square-foot duplex provides two distinct residences within an up-down configuration. The main-level unit includes 2 bedrooms, 1 full bath, hardwood floors, living and dining rooms, and a remodeled kitchen with quartz countertops, tiled backsplash, stainless steel appliances, and updated cabinetry. The upper residence offers 1 bedroom, 1 bathroom, a private entrance, and its own updated kitchen and bath. Both units feature in-unit laundry, fresh paint, upgraded lighting, smart locks, and blackout bedroom blinds.
Extensive 2025 improvements include a new roof, gutters, exterior paint, landscaping, fencing, and added A/C. The property is positioned in Longfellow, just blocks from the Mississippi River, neighborhood parks, trails, restaurants, and light rail access. The upper unit has flexible month-to-month occupancy, while both apartments include refreshed bathrooms with updated tile, vanities, mirrors, lighting, and fixtures.
Extensive 2025 improvements include a new roof, gutters, exterior paint, landscaping, fencing, and added A/C. The property is positioned in Longfellow, just blocks from the Mississippi River, neighborhood parks, trails, restaurants, and light rail access. The upper unit has flexible month-to-month occupancy, while both apartments include refreshed bathrooms with updated tile, vanities, mirrors, lighting, and fixtures.
Key Highlights
- 1,335‑square‑foot up‑down duplex with 2‑bedroom and 1‑bedroom units
- Extensive 2025 updates include roof, gutters, exterior paint, landscaping, fencing, and added A/C
- Main‑level unit has 2 bedrooms, 1 full bath, and a remodeled kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,300
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,000
$346.0K
Cap Rate 7%
$247,143
$247.1K
Cap Rate 9%
$192,222
$192.2K
Market Conditions
NOI Build-Up for 1,335 SF
Gross rent
$26.4K $19.80/SF
− Vacancy
−$1.7K −$1.29/SF
EGI
$24.7K $18.51/SF
− OpEx
−$7.4K −$5.55/SF
NOI
$17.3K $12.96/SF
Area
ZIP 55406
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,000
Cap Rate 7%
$247,143
Cap Rate 9%
$192,222
Alternative Uses
Best Use
Multifamily LT 5
$247.1K
$216.3K – $288.3K
NOI $17,300 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$230.0K
$201.3K – $268.4K
NOI $16,102 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$390.1K
$341.3K – $455.1K
NOI $27,307 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
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Business Placement
Demographics for 55406, MN
34,588
Population
17,439
Households
2
Avg Household Size
39
Median Age
56%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
6,918
Density / Sq Mi
$91,865
Median Household Income
$56,291
Median Earnings
$1,276
Median Rent
$335,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Updated two-level property with separate entrances, in-unit laundry, and flexible month-to-month occupancy upstairs.
Where is this duplex located?
The property is located at 3609 E 42nd St Minneapolis, MN.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,335‑square‑foot up‑down duplex with 2‑bedroom and 1‑bedroom units; Extensive 2025 updates include roof, gutters, exterior paint, landscaping, fencing, and added A/C; Main‑level unit has 2 bedrooms, 1 full bath, and a remodeled kitchen
